Congress continues progressing towards tax reform

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Congress continues to work out final details of a plan to bring tax relief to Americans.

"The tax plan is basically reducing the corporate tax rate 20 percent, but also creating new tax brackets for those making $1 million or more and also trying to bring down taxes for the middle class," says Hanna Kassab, an assistant professor of political science at Northern Michigan University.

"So the point is, this is about tax cuts that are sorely needed for the working Middle Americans and for small businesses. That's the main driver for us in Congress is to make America a competitive place where tax reform and cuts create jobs for more people. That's how you get the economy to grow. This is a growth plan," says Congressman Jack Bergman (R-Michigan 1st District).

Last week, a setback in efforts to pass the plan, which would cut corporate tax rates, caused the market to drop. "There's always ups and downs in the stock market but at the same time many people are seeing this tax plan as a way forward for business," says Kassab.

So while things may be a little worrisome in the short term, it’s about the long term in the stock market. “Most people, most good hard working Americans are going to invest. They invest for the long term, not the short term, so I am confident,” says Congressman Bergman.

The next step will be for the bill to make it to the full House.